Expansion of GreenBee Cloud Backup subscriptions is central to growth, but Q3 will test the quality of that growth

As of FY2026 H1, paid GreenBee Cloud Backup subscriptions had reached 500,000 on 29 June. Previous disclosures put the figure at more than 60,000 at the end of June 2024 and 209,000 at the end of June 2025, representing an increase of approximately 2.4 times in 1 year and approximately 8.3 times in 2 years. The expansion in subscribers is consistent with the DX Services business accounting for ¥350 million of FY2026 H1 revenue of ¥640 million, placing it at the centre of the current growth story.

However, subscription growth does not necessarily translate directly into profit growth. The financial summary available for review does not provide unit-economics metrics such as subscription pricing, conversion from free to paid usage, monthly churn, migration to higher-tier plans or monthly revenue per subscriber. Given the scale of 500,000 subscriptions, it is also important to note that the company has not disclosed a breakdown by driver showing how much of the increase in subscribers contributed to revenue of ¥640 million or operating profit of ¥125 million.

The company said that it had carried out a major expansion of functions centred on searching and organising backup data around the time the 500,000-subscription milestone was reached. In Q3, the focus will be on whether this expansion did more than serve as a promotional tool for acquiring subscribers and led to improvements in retention and paid-plan pricing. In particular, if monthly churn rises even after subscriptions exceed 500,000, the earnings base may be less robust than the headline increase in subscribers suggests.

At the next results announcement, important disclosures will include paid subscribers at the end of June or September, DX Services revenue for Q3 alone or cumulatively, monthly recurring revenue, subscription pricing and churn. If subscriptions remain at or above 500,000 and qualitative indicators such as pricing and churn do not deteriorate, it will be easier to assess whether the FY2026 H1 revenue increase was based on expanding recurring revenue rather than a temporary acquisition campaign.